City of Alexandria, Virginia
________________
MEMORANDUM
DATE: JUNE 4, 2025
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER
DOCKET TITLE:
TITLE
Consideration of ARHA Request for a City Guarantee in Support of $56 Million in Virginia Resource Authority Bond Funding for Silver Fox Acquisition
BODY
_________________________________________________________________
ISSUE: Provision of a City guarantee as backstop support for $56 million in bond funding requested by the Alexandria Redevelopment and Housing Authority (ARHA) from the Virginia Resource Authority (VRA) for acquisition of The Alate, an existing multiunit senior housing building located at 1122 N. First Street, a project which ARHA has branded "Silver Fox."
RECOMMENDATION: That City Council:
(a) Receive staff's presentation regarding Silver Fox and the proposed City backstop guarantee;
(b) Direct ARHA and City staff to continue due diligence and conduct community outreach to impacted ARHA residents and other stakeholders regarding the project; and
(c) Schedule the backstop request to return to Council on June 24 for consideration of a Resolution to provide a guarantee to VRA on behalf of ARHA for acquisition of Silver Fox.
BACKGROUND: In mid-April, ARHA entered into a purchase agreement to acquire The Alate, a recently constructed senior housing building, located at 1122 N. First Street. ARHA's Silver Fox is intended to provide a permanent housing relocation resource for residents of Ladrey: following the property's acquisition in August, ARHA would move willing and age-eligible Ladrey residents to Silver Fox to fully occupy the building.
ARHA has determined that the redevelopment of Ladrey Senior Housing, as proposed by ARHA and its development partner, Winn, and approved by City Council in January 2024, is not feasible at this time because of changed conditions in the debt and equity (tax credit investment) markets. Due to delays in undertaki...
Click here for full text